BEAVERTON, Ore. (KATU) — Party City, the long-standing party supply chain, will close all of its stores after 40 years.

The decision to cease operations follows Party City’s bankruptcy filing in January 2023. Over the past year, it has sought to ease the financial burden of numerous store closures across the country.

However, with reported debts of around $1 billion and strong competition from other retailers such as Amazon and Walmart, ceasing operations seemed to be the only viable option.

All but two stores remained in Oregon after the 2023 bankruptcy — one in Beaverton and one in Medford. Both of these stores are now closing as the company collapses.

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In a letter from CEO Barry Litwin, he stated, “While Party City believes these closures are in the best interest of the company, we regret having to take this step and thank you for your valued contributions and service.” Company.”

According to its website, Party City has more than 700 company-owned and franchised stores across North America and is “a global leader in the celebration industry, bringing joy and inspiration to customers in more than 70 countries.”